Market Update
As we head towards Christmas, the Sydney property market is showing no signs of slowing with strong buyer demand and low interest rates driving demand resulting in high auction clearance rates.
The end of lockdown has also added an element of confidence to the market with CoreLogic data showing that for the 12 months to September 30, Sydney house prices jumped 28.9%.
Apartment prices rose 11.6% during the same period with experts believing the lower rate of increase was mainly due to COVID-19 related issues such as a lack of overseas immigration and international students.
However, they feel the situation will change with the re-opening of Australia’s border and the easing of COVID-19 concerns.
Louis Christopher, founder of SQM Research also believes affordability issues will also drive up apartment prices as those who were keen to buy a house turn their attention to apartments instead.
Analysts will also be watching how APRA’s new regulations effect the market. Banks will now have to assess whether borrowers could meet their loan repayments if interest rates rose 3% above their mortgage rate. This is expected to reduce new customers borrowing capacity by about 5%.
Grand Terrace—A Rare Offering
Ray White Elizabeth Bay is proud to be offering a rare opportunity to acquire a grand Victorian terrace in a prized Potts Point location.
Situated in the prestigious northern end of Victoria Street, number 88 boasts stunning period features including intricate lace wrought iron, timber floors, soaring ceilings and marble fireplaces.
Comprising of 4 large bedrooms over three-levels, the property impresses with its handsome Victorian façade, 6 metre (approx.) wide frontage and unlimited potential to create a luxury residence on a dual-frontage block with secure parking for 2 cars.
The superbly proportioned interiors are filled with natural light on every level while the top floor captures cameo views to the city skyline.
Rarely do properties of this calibre come on the market so don’t miss the chance to explore the possibilities to restore or redesign (STCA) this grand property.
The property is open for inspection Saturdays and Thursdays 2.00-2.30pm and will be auctioned online on Thursday November 18 at 6pm.
Sell Before Christmas!
It’s not too late to market your property before Christmas.
Conditions are currently very favourable for a successful sale with strong buyer enquiry, a lack of stock and continuing low interest rates.
In these uncertain times, there is much merit is striking while the market is strong instead of taking a “wait and see” approach and holding off until next year.
Ray White Elizabeth Bay has been in business since 1993 so call our highly experienced sales team today on 9331 9600 to see how we can achieve an outstanding sales result for your property.
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